Property Buzz

PropertyBuzz, your daily dose of property news.

A Perth property discovered to have unsafe electrical work, auction volumes rebound, and where to look for luxury property in NSW outside of Sydney.

Welcome to Property Buzz! I’m Juliet Helmke. Today is Tuesday, 18 June.

– A Perth electrician has been fined $15,000 for installing unsafe switchboard components at a Mount Lawley home, potentially exposing users to serious injury or electrocution.

– The fault was discovered during a routine inspection by WA Building and Energy, which found that a metal enclosure associated with the switchboard had not been correctly earthed.

– The electrician, who operates the electrical business called BMI Technologies, pleaded guilty to two offences under Western Australia’s electricity licensing regulations, receiving a $12,500 fine for the noncompliant work and a $2,500 fine for filing an inaccurate notice of completion.

– Following the fine, Western Australia’s director of energy safety, Saj Abdoolakhan, stressed the importance of electricians taking proper precautions to prevent dangerous accidents, noting it was lucky this issue had been found during a random safety inspection.

– Across the country, auction volumes significantly increased last week with just over  2,200 properties finding new owners under the hammer. It’s a considerable rise from the roughly 1,300 auctions held the previous week, which saw dampened activity due to a long weekend in many states.

– This week, the preliminary clearance rate came in at 72.9 per cent, the strongest early result since the first week of May, indicating successful sales may also be elevated.

– Melbourne and Sydney saw more than double the number of auctions from the previous week, with preliminary clearance rates of 70 per cent and and 75 per cent respectively.

– Smaller capital cities also saw increased activity, with Brisbane leading in volume and Adelaide showing a notable increase in clearance rate to 88.9 per cent. 

– Home prices are climbing around the country, and those in so-called prestige suburbs are no exception. For home buyers that are after luxury amenities, the major capitals are becoming increasingly less hospitable. A new report has highlighted five regional locations where high-end homes can be bought at a fraction of the price that they would go for in major cities.

– The Illawarra region, south of Sydney, was singled out for its access to a coastal lifestyle. Suburbs like Helensburgh and Figtree in that region were highlighted for potential home hunters.

– Other regions included the Hunter Valley, Northern Rivers, Sunshine Coast, and Mornington Peninsula, for offering a mix of natural beauty, urban amenities, and strong community spirit.

That’s Property Buzz for today. See you again tomorrow, 19 June, for your daily dose of Property Buzz.

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